Nickel prices traded lower by 0.48 per cent to Rs 848.20 per kg in futures market today as speculators cut bets amid tepid demand in the domestic spot market.
At the Multi Commodity Exchange, nickel for delivery in March declined by Rs 4.10, or 0.48 per cent, to Rs 848.20 per kg in business turnover of 86 lots.
Likewise, the metal for delivery in February contracts shed Rs 4, or 0.47 per cent, to Rs 844.40 per kg in 3,785 lots.
Analysts said offloading of positions by participants owing to slackened demand from alloy-makers in the physical market influenced nickel futures.
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